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Access Bank to inject additional capital into Ghanaian unit

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Access Bank to inject additional capital into Ghanaian unit

Access Bank Plc said it will inject additional capital into its Ghanaian unit Access Bank (Ghana) Plc so that the latter can meet the new capital requirement of 400 million Ghanaian cedis set by the Bank of Ghana.

The Tier 1 capital infusion will be made before the end of the first quarter of 2018 and will also allow Access Bank (Ghana) to make big-ticket investments, according to its parent.

Access Bank (Ghana) was listed on the the Ghana Stock Exchange in December 2016 after it launched its IPO of 26 million shares priced at 4 Ghanaian cedis per share in October 2016.

As of Oct. 4, US$1 was equivalent to 4.40 Ghanaian cedis.